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|Date:||6 December 2006|
Entrepreneurs across Macedonia will have more financing instruments to expand their businesses with the support of a €1 million trade finance guarantee facility from the EBRD to ProCredit Bank Macedonia (PCB Macedonia).
PCB Macedonia will join EBRD’s Trade Facilitation Programme, which supports trade to, from and within the Bank’s 29 countries of operations. By joining the TFP, PCB Macedonia will optimise its trade services to its clients by offering trade finance products without cash collateral and support cross-border trade with longer tenors. PCB Macedonia will become the sixth bank in the TFP programme in FYR Macedonia, therefore increasing competition in the local market and providing more opportunities for local SME clients.
Kenji Nakazawa, EBRD Head of Office in Skopje, said that ProCredit Bank Macedonia has an excellent track record and commitment to financing SMEs. This trade finance guarantee will help the bank strengthen its finances and reach out to more entrepreneurs, therefore supporting growth in the financial and real sectors of the economy.
Helen Alexander, General Manager of ProCredit Holding, the parent company of PCB Macedonia, said the trade facilitation guarantee will enable ProCredit Bank Macedonia to meet the increasing demand for trade finance products. With 23 branches across the country and commitments to open new offices in central and eastern parts of the country, ProCredit Bank Macedonia is building on its success in the SME sector to reach out to even more clients, she said.
The EBRD is one of the largest investors in FYR Macedonia, having committed more than €413 million in 26 projects.
PCB Macedonia is the first and only dedicated microfinance bank in FYR Macedonia, founded in July 2003 by a group of international financial institutions to provide financial services to local micro, small and medium enterprises. PCB Macedonia operates via 23 branches and outlets throughout the country. To date, the bank has disbursed over 44,000 business loans for a volume of over €172 million since its establishment.
Last updated 6 December 2006
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